Tuesday, April 16, 2024

How To Spot An Emerging Business Sector.

Like Love Haha Wow Sad Angry

(ThySistas.com) Many business people and would-be entrepreneurs, dream of finding that next big idea that’s going to make them truly successful.  In hindsight, it always looks obvious which sectors were going to explode and change the world such as telecommunications, social media or renewable energy. Hindsight is a wonderful thing though if it were truly that easy to spot an opportunity, we’d all be rich and successful. 

How do you know which sectors are likely to take off? Is it luck or business acumen?  In truth, it’s both, but if you’re constantly waiting for inspiration to drop into your lap, you’re going to be disappointed.  It was inventor Thomas Edison who said luck is “1 percent inspiration and 99% perspirations”. In business, you make your own luck. 

The industry will already have established itself and you’re no longer able to get in early and take advantage. 

What Is An Emerging Industry?

As the name suggests, an emerging industry is created when there is a need for new products or services.  It may be a new industry entirely or the disruption of an existing one. 

For example, the legalization of marijuana in many states and countries around the world has led to a new sector springing up to deal with supply.  This paradigm shift now means that the manufacturers are legitimate business enterprises, with all of the controls and rules of a regulated sector. There are marijuana conventions that deal with quality and medical research around the drug. Who would have thought that ten years ago that this would be the case?  

One of the defining characteristics of emerging industries is that the growth potential is exponential, rather than a steady climb to higher profits. 

Sharpen Your Business Skills 

Successful entrepreneurs take every opportunity they can to learn.   From successes to failures, every situation is a chance to learn and take inspiration from.

Whether you’ve struck out on your own or are working your way up the ranks of another company, perfecting your skills will give you the very best chance of recognizing and seizing an opportunity. 

Great skills to work on include: 

  • Management
  • Soft skills
  • Emotional intelligence
  • Prioritization and focus
  • Productivity
  • Networking
  • Teamworking

When the time comes to sell your ideas and skills, you will be able to leverage them with far more success in an emerging industry than you would be trying to break in to an established one. 

Pick A Sector You Care About

It is far easier to identify emerging trends and great ideas if you have an affinity for the sector. Immerse yourself in it, live and breathe it,  and your expertise will set you apart.  

For example, if you’re passionate about the planet and climate change then you are in a far better position to identify opportunities in renewable energy or technology that aids in the reduction of a business’s carbon footprint.  You’ll likely have cultivated a network of contacts in the sector who will be able to support or offer guidance too. 

Staff Writer; Lisa Hall

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!